The store that has everything wants to launch a fintech. Walmart said on Monday afternoon it was starting a fintech "to develop and offer modern, innovative and affordable financial solutions," according to a release. Details on the venture are vague, outside of the involvement of well-known fintech investor Ribbit Capital — which has backed the likes of Affirm, Robinhood, and Coinbase. Walmart is no stranger to the world of fintech. It already runs a fintech accelerator — TailFin Labs — with banking-as-a-service provider Green Dot. And while it's unclear what Walmart hopes to do with this unnamed fintech, there is no doubt it's already in a fantastic position to succeed. The retail giant has millions of customers and employees to target with whatever it's offering. With customer acquisition costs often a top-of-mind concern for startups, that gives Walmart's project a massive leg up. If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals. Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco. Wall Street bonus announcements kick off this week — here's when Bank of America, Citi, Goldman Sachs, JPMorgan, and ...read more...
